Healthcare Biometrics Market
Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 4.1 billion |
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Revenue Forecast in 2031 |
US$ 17.37 billion |
|
CAGR |
17.4% |
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Base Year for Estimation |
2021 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Technology, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare biometrics market was valued at US$ 4.1 billion in 2022 and is expected to register a revenue CAGR of 17.4% to reach US$ 17.37 billion by 2031.
Healthcare Biometrics Market Fundamentals
Biometrics uses unique biological or behavioral characteristics to identify or authenticate an individual. Biometric data is collected using specialized sensors or cameras, which capture and analyze unique features of a person’s physical characteristics or behaviors. This data is then compared against a database of known biometric data to authenticate the person’s identity. Biometric authentication is often more secure and convenient than traditional authentication methods, such as passwords or PINs, as biometric data cannot easily be duplicated or forgotten.
Healthcare biometrics refers to the usage of biometric authentication technologies in healthcare settings. Biometric authentication uses unique biological characteristics, such as fingerprints, facial features, or iris patterns, to verify a person’s identity. This technology can help to improve healthcare delivery by providing accurate patient identification, enhancing data security, and increasing efficiency. The healthcare industry has been slow to adopt biometric technology due to concerns about cost, privacy, and technical limitations. However, as technology has advanced and become more affordable, more healthcare providers are exploring its potential benefits. Biometric authentication can be used for a variety of applications in healthcare, such as patient identification and authentication, access control, time and attendance tracking, and medical record and data center security.
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Healthcare Biometrics Market Dynamics
The demand for healthcare services is increasing globally due to aging populations, rising chronic diseases, and increasing healthcare spending. Biometric technologies can help healthcare providers to improve patient identification, reduce fraud, streamline operations, boosting revenue growth in the global healthcare biometrics market. Accurate patient identification is crucial for patient safety and care coordination. Biometric technologies, such as fingerprint recognition, facial recognition, and iris recognition, can help to accurately identify patients and ensure that the right treatment is provided, which in turn helps in the revenue growth of the global healthcare biometrics market. The use of electronic health records has been on the rise worldwide. Using biometric technologies can help secure access to electronic health records and prevent unauthorized access, leading to the revenue growth of the global healthcare biometrics market.
However, while biometric authentication can enhance data security, it also raises concerns about the storage and protection of biometric data. Healthcare organizations must ensure that biometric data is secure and protected from cyber-attacks and data breaches. Moreover, biometric authentication technology may not work effectively for all patients, particularly those with certain medical conditions or physical disabilities. Technical limitations, such as poor sensor accuracy, recognition errors, and false positives/negatives, can also limit the effectiveness of biometric authentication systems and hamper the revenue growth of the global healthcare biometrics market. Additionally, high implementation costs, privacy concerns, and lack of standardization may impede market revenue growth to some extent.
Healthcare Biometrics Market Ecosystem
The global healthcare biometrics market is analyzed from four perspectives: technology, application, end-user, and region.
Healthcare Biometrics Market by Technology
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Based on the technology, the global healthcare biometrics market is segmented into fingerprint recognition, face recognition, palm recognition, iris recognition, behavioral recognition, vein recognition, and others.
The fingerprint recognition segment dominated the market with the top revenue share in 2022, attributed to its accuracy, ease of use, and cost-effectiveness. Fingerprint recognition technology is highly accurate, with very low false acceptance rates and false rejection rates. This makes it a reliable method for identifying patients and healthcare providers. Fingerprint recognition is a relatively low-cost technology compared to other biometric technologies, making it accessible to healthcare providers with limited budgets. Fingerprint recognition can be used for a variety of applications in the healthcare industry, such as patient identification, access control, and electronic prescription signing. These factors contribute to the revenue growth of the fingerprint recognition segment.
The face recognition segment dominated the market with the second-largest revenue share in 2022 due to its extensive analytical covering. Face recognition technology is non-invasive and convenient, not requiring physical contact or specialized equipment. This makes it a convenient and comfortable method for patient identification and authentication. Face recognition technology has advanced significantly in recent years, with high accuracy rates in identifying individuals. Hence, it is a reliable method for patient identification, access control, and other applications. Face recognition technology can enhance the security of healthcare facilities by ensuring that only authorized personnel have access to restricted areas or patient records. These factors contribute to the revenue growth of the face recognition segment.
Healthcare Biometrics Market by Application
Based on the application, the global healthcare biometrics market is segmented into medical record and data center security, patient identification and tracking, care provider authentication, remote patient monitoring, and others.
The medical record and data center security segment dominated the market with the largest revenue share in 2022, owing to the increasing volume of healthcare data and the growing threat of cyber-attacks. Medical records and other healthcare data contain sensitive and personal information, making data security and privacy a top priority for healthcare organizations. Biometric authentication can help to ensure that only authorized personnel have access to patient data, minimizing the risk of data breaches and cyber-attacks. Cyber-attacks increasingly target healthcare organizations as hackers seek to steal sensitive patient data or disrupt healthcare services. Biometric authentication can provide an additional layer of security, making it more difficult for unauthorized individuals to access patient data. Advances in biometric technology, such as the development of more accurate and reliable sensors and algorithms, are making biometric authentication more accessible and cost-effective for healthcare organizations. These overall factors contribute to the growth of the medical record and data center security segment.
Healthcare Biometrics Market by End-user
Based on the end-user, the global healthcare biometrics market is segmented into hospitals & clinics, clinical laboratories, and healthcare institutions.
The healthcare institutions is a key segment in the healthcare biometrics market, with the largest revenue share in 2022. Healthcare institutions include nursing homes, rehabilitation centers, and medical research facilities. Biometric authentication technologies can help healthcare institutions to improve patient identification accuracy and reduce the risk of medical errors, which can lead to serious consequences for patients. Healthcare institutions can also benefit from biometric technology for access control and time and attendance tracking. Additionally, the technology can improve efficiency by automating time and attendance tracking for healthcare staff. These factors contribute to the revenue growth of the healthcare institutions segment.
The hospitals & clinics segment accounted for the second largest revenue share in 2022, owing to the need for accurate patient identification and authentication, access control, and time and attendance tracking. Biometric authentication ensures that patients are accurately identified and authenticated, reducing the risk of medical errors and improving patient safety. Biometric authentication can be used to control access to restricted areas within hospitals and clinics, such as operating rooms and pharmacy areas. This can help to ensure that only authorized personnel have access to these areas, improving security and reducing the risk of theft or misuse. Biometric authentication can improve the patient experience by reducing the need for manual identification methods, such as presenting an ID card or providing personal information. This can save time and improve the overall patient experience. These factors drive revenue growth in the hospitals & clinics segment.
Healthcare Biometrics Market by Region
Geographically, the global healthcare biometrics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global healthcare biometrics market with the largest revenue share in 2022, attributed to the presence of numerous healthcare institutions, including hospitals, clinics, and medical offices, which need accurate patient identification, data security, and access control. Additionally, companies across the region are continuously involved in raising funds to improve their existing process in the healthcare biometrics field, which is also helping in the development of the market.
Healthcare Biometrics Market Competitive Landscape
The prominent players operating in the global healthcare biometrics market are:
Healthcare Biometrics Market Strategic Developments
Healthcare biometrics refers to the usage of biometric authentication technologies in healthcare settings.
The global healthcare biometrics market is expected to be valued at US$ 17.37 billion by 2031.
The healthcare biometrics market is expected to register a revenue CAGR of 17.4% during the forecast period from 2023 to 2031.
The high implementation costs, privacy concerns, and lack of standardization restrict the global market revenue growth to its full potential.
Some prominent players operating in the global healthcare biometrics market are HID Global Corporation (part of ASSA ABLOY), Imprivata, Inc., Integrated Biometrics, Inc., Fujitsu Limited, and Suprema Inc.
*Insights on financial performance are subject to the availability of information in the public domain
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